Feb 25, 2013 NJBIN Welcomes 15th Incubator

NJBIN Welcomes 15th Incubator to its Network

Camden, NJ (February 25, 2013)—The New Jersey Business Incubation Network (NJBIN) announced today that JuiceTank in Somerset has joined the network. With this latest addition, NJBIN now has fifteen incubators in its network.

“We are pleased to welcome JuiceTank as the newest member of the New Jersey Business Incubation Network,” said Suzanne Zammit, president of NJBIN. “This incubator significantly increases the resources available to startup and early-stage technology companies that have opted to call New Jersey home. This is a wonderful addition to the New Jersey Incubation Network.”

JuiceTank was founded by Mukesh M. Patel, Esq.; Anish Desai and Charlie Patel. Each of the founders comes from an entrepreneurial background and shares a commitment to social entrepreneurship and charitable giving. One of the cornerstone philosophies of JuiceTank is the concept of “Share it Forward” where the ventures give back and share forward to make a positive meaningful impact on others and special causes.

“Our companies get much more than just space,” said Anish Desai, co-founder and strategist for JuiceTank. “We provide shared resources, such as accountants, lawyers, patent officers, human resource professionals and technology development professionals.”

Another important aspect of JuiceTank is that it invests in and partners with startups, whether they are located in the incubator or elsewhere. JuiceTank funds companies from $15,000 to $250,000 from from their seed fund. JuiceTank will also go with these companies to Venture Capitalists to obtain additional funds, if required. They also partners with traditional banks to help obtain funding for its companies.

JuiceTank is actively seeking investment opportunities in the web and mobile products or services, healthcare, sports and entertainment, hospitality and travel, green initiatives and consumer products sectors. “Our goal in the next 12 months is to listen to 1000 pitches, and to select one a month,” said Desai. “So that’s 12 at any given time that we will be incubating and helping to grow.”

JuiceTank founder Mukesh M. Patel is a serial entrepreneur, a founding principal of a private equity firm, attorney, business advisor, angel investor, and mentor. As a serial entrepreneur, he has founded numerous ventures and a private equity opportunity fund. Co-founder Anish Desai is the president & founder of Symphony Solution Inc., which focuses on mobile and web technology and business process outsourcing solutions. Co-founder Charlie Patel runs a successful project management firm. Additionally, he has launched several profitable start-ups in the past.

Business incubators reduce the risk of small business failures. Historically, NBIA member incubators have reported that 87 percent of all firms that have graduated from their incubators are still in business. New Jersey’s incubators make measurable contributions to the state’s economy through their support of businesses. Over the past three years, annual contributions from over 450 entrepreneurial companies in NJBIN incubators have averaged 1,380 new, higher-paying jobs created and retained; $255 million in revenue generated and $71.5 million in third-party funding brought into New Jersey.